APRA releases intermediated general insurance statistics

APRA releases intermediated general insurance statistics | Insurance Business

APRA releases intermediated general insurance statistics

The Australian Prudential Regulation Authority (APRA) has released its latest intermediated general insurance statistics placed with APRA-authorised general insurers, Lloyd's underwriters, and unauthorised foreign insurers on a bi-annual basis.

The report contains industry-level data concerning business placed by intermediaries. Statistics are also provided on business placed with unauthorised foreign insurers, segmented by region, exemption type, atypical risk class, and customised reason.

According to APRA's latest intermediated general insurance statistics, the gross written premium (direct business) in the six months to December 2020 was $23,272 million. Meanwhile, the proportion of APRA-authorised insurer gross written premium placed by intermediaries in the six months to June 2020 was 49%.

The report also revealed that the total premium invoiced in the six months ended December 2020 was $14,850 million. Of the total premium, businesses placed with APRA-authorised general insurers accounted for $11,859 million, businesses placed with Lloyd's underwriters $1,934 million, and businesses placed with unauthorised foreign insurers $1,057 million.